Shipping costs are eroding refineries’ margins, raising the prospect of run cuts that would further tighten the market.

The continent risks a supply crunch if Washington follows through on threats to curb exports.

The future of the Strait of Hormuz, the world’s most important artery for shipping oil and natural gas, is the main sticking point in diplomatic efforts to end the US-Iran war. Since the breakdown of a mid-June interim truce, Iranian forces have resumed attacks on vessels in the waterway, and the US has reinstated a blockade of Iranian ports.

An oil supertanker managed by Greece’s Dynacom Tankers Management Ltd. was struck in the Strait of Hormuz, maritime-risk consultant Marisks reported.

Kyiv struck a slew of Russian energy targets overnight, while Moscow hit fuel facilities in the Ukrainian port of Odesa in a fresh wave of tit-for-tat attacks.

Russia’s crude output declined to the lowest in at least two and a half years in June as Ukraine attacked the nation’s oil infrastructure on an almost daily basis.

Russia’s crude output declined to the lowest in at least two and a half years in June as Ukraine attacked the nation’s oil infrastructure on an almost daily basis.

A wave of Ukrainian attacks has pushed Russian refining runs to the lowest in more than 21 years, deepening a domestic fuel crunch and further squeezing the global market.

Ukrainian forces hit seven Russian fuel tankers, five dry-cargo vessels and a batch of other ships in the Sea of Azov as Kyiv expands the scope of its maritime attacks in the area.

Ukraine said it hit two Russian refineries and over a dozen fuel tankers, the latest in a series of attacks on energy assets that are deepening a nationwide fuel crunch.

While crude has nearly erased its wartime rally, refined fuels are increasingly tight.

Ukraine said it hit 12 more tankers in southern Russia as Kyiv expands the scope of attacks that are deepening a nationwide gasoline shortage.

Russia announced a short-term ban on diesel exports, causing global prices for the fuel to surge to multi-year highs, as a wave of Ukrainian drone attacks leads to domestic shortages.

Ukraine says it hit two Russian oil refineries and several tankers off the country’s coast, the latest in a wave of attacks against key energy infrastructure.

Ukraine said it attacked eight small Russian fuel tankers overnight in the Sea of Azov, as Kyiv seeks to cut off gasoline supplies to occupied Crimea.

Russia’s flagship crude price has slid to levels seen before the conflict in the Middle East, piling more pressure on Kremlin coffers that are already strained by the invasion of Ukraine.

Ukraine struck three Russian refineries, including the country’s biggest, in the latest attack on energy assets that is deepening a nationwide gasoline shortage.

Russia’s subsidy payouts to oil refiners that supply domestic markets jumped more than six-fold in June from a year earlier, as Moscow sought to avoid shortages by keeping more fuel at home.

Novorossiysk, home to Russia’s largest oil port on the Black Sea, is running out of road fuel, the latest fallout from a supply crunch spreading across the country as Ukraine continues attacks on key refineries.

Retail fuel prices in Russia notched up another significant increase as recent Ukrainian drone strikes on the country’s oil refineries have led to a nationwide gasoline shortage, long lines at pumping stations and renewed concerns about accelerating inflation.